Axios reports that 2-year-old subscription-based sports media company The Athletic
just raised another $40m, co-led by Peter Thiel’s Founders Fund and Bedrock Capital.
That brings their total to $70m — at a $200m valuation.
According to the report, the company has 100k paying subscribers with an annual $72 subscription fee (not including discounts to sign up, etc.).
That would put their annual recurring revenue at $7.2m — which, even at a typical SaaS software multiplier of 5x, does not a $200m valuation make, so they must have some real “hockey stick growth” in their 3-to-5-year projections.